Nickel Prices Strengthen Amid Morning Fluctuations [SMM Nickel Spot Midday Review]

SMM March 25 News: Spot Premiums/Discounts: The quotation range for spot premiums of Jinchuan No.1 nickel was 1,700-2,000 yuan/mt, with an average premium of 1,850 yuan/mt, down 200 yuan/mt from the previous trading day. The premiums and discounts for Russian nickel were in the range of -100 to 100 yuan/mt, at parity, up 25 yuan from the previous trading day. Futures: Nickel prices fluctuated higher after opening. As of 11:30, the closing price was 128,920 yuan/mt, down 0.36% from the previous trading day's settlement price, with a low of 128,100 yuan/mt. In terms of spot premiums and discounts, the Jinchuan brand nickel fell 200 yuan from the previous trading day. Today, the futures market showed an upward trend, and traders chose to lower prices appropriately to promote transactions. From a technical perspective, SHFE nickel futures contracts still exhibited a fluctuating trend, with domestic markets awaiting specific details on policy implementation from Indonesia. Regarding the price spread with nickel sulphate: Today, the SMM No.1 refined nickel price was 128,600-131,100 yuan/mt, with an average price of 129,850 yuan/mt, down 200 yuan/mt from the previous trading day's spot price. The price spread was approximately 1,850 yuan/mt (Ni contained), with nickel sulphate still at a discount to refined nickel.